By Cristal Cody
Tupelo, Miss., June 20 - Additional pricing details emerged for GSO Capital Partners LP's $515 million collateralized loan obligation offering of notes due July 15, 2025 that closed on Thursday.
As previously reported, Tryon Park CLO, Ltd./Tryon Park CLO Corp. sold the $308 million tranche of class A-1 senior secured floating-rate notes (Aaa/AAA) at Libor plus 112 basis points and the $67 million class A-2 tranche of senior secured floating-rate notes (/AA/) at Libor plus 155 bps.
Tryon Park also sold $35.5 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 260 bps; $27.2 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $23.8 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 440 bps; $9.7 million of class E senior secured deferrable floating-rate notes (/B/) at Libor plus 525 bps; and $44.75 million of subordinated notes, according to a market source.
Citigroup Global Markets Inc. was the placement agent.
GSO/Blackstone Debt Funds Management LLC is the CLO manager.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans and has a two-year non-callable period.
| Issuer: | Tryon Park CLO, Ltd./Tryon Park CLO Corp.
|
| Amount: | $515.95 million
|
| Maturity: | July 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | July 2015
|
| Settlement date: | June 20
|
|
|
| Class A-1 notes
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| Amount: | $308 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
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| Amount: | $67 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
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| Amount: | $35.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
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| Amount: | $27.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
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| Amount: | $23.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E notes
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| Amount: | $9.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $44.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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